The Director of Public Prosecutions (DPP) has approved criminal charges against the chief executives of NCBA Bank, KCB Bank and Co-operative Bank over alleged failure to report suspicious transactions linked to proceeds of crime.
The three bank chiefs are accused of failing to report suspicions regarding proceeds of crime, contrary to Section 5 as read with Section 44(2) of the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).
According to the Office of the Director of Public Prosecutions (ODPP), the executives are expected to appear before the Chief Magistrate's Court on August 11, 2026, to take a plea following the issuance of court summons.
The charges arise from investigations into the alleged theft of more than Sh363.4 million from First Assurance Investment Company Limited.
In the same case, the DPP has approved criminal charges against Salim Mohamed Busaidy, a former director of the company, over the alleged theft of Sh363,420,459. Busaidy served as a director alongside Lamu Governor Issa Abdalla Issa.
Investigators allege that Busaidy forged the governor's signature on multiple company cheques, enabling the unlawful withdrawal of company funds.
Following a review of the evidence, the DPP approved a total of 120 charges against Busaidy.
The charges include three counts of conspiracy to defraud, two counts of stealing, 114 counts of making a document without authority, and one count of acquisition of proceeds of crime.
The prosecution said the evidence gathered during investigations established sufficient grounds to institute criminal proceedings against the accused persons.
The ODPP reiterated its commitment to combating economic and financial crimes through impartial and lawful prosecution.
"The Office of the Director of Public Prosecutions remains steadfast in its commitment to the impartial and diligent prosecution of economic and financial crimes, in accordance with the Constitution and the law," the ODPP said in a statement.
